The clarion. [volume] (Jackson, Miss.) 1883-1888, 1887-10-05
TABLES SHOWING AMOUNTS PAID, ETC.

figures, which show at one view the appro-
priations, and the debt of the State.
Table l, together with exhibit ID, shows
in detail the various sums paid by the State,
and the years in which they were paid.
The result is, that up to January, 1888
charging the University with the appro-
priatiOn for the present year., the State has
paid one million, one hundred and sixty
four thousand, three hundred and thirty
nine dollars and forty cents, whilst the
total amount collected by the State for the
Seminary Fund is only one hundred and
twenty-nine thousand, seven hundred and
fifty four dollars and ffty-eight cents
This is astonishing enough in view of the
fact, that the University now claims, that
the State owes to her, in addition to this
large sum which has been paid, the further
sum of TWO MILLIONS OF DOLLARS. Ger
tainly the University, if its pretensions be
correct, has the power, attributed in ancient
mythology to King Midas-to turn to gold
everything it touches.
Table 2, shows in detail the actual re-
ceipts by the State from the Seminary
Fund, with citations of the authorities on
which the statement is made.
| Table 3, shows the true debt of the State
and the true interest thereon. In this
| table we commence with the balance shown
| by Gen. Grifith's statement of the debt
on February 25, 184S. This statement be
was required to make by the act of that
date heretofore noticed. In this table We
fail to see the compound interest charged
between July 26, 1S43, and Feb. %, 1s4s
as that interest went into the balance
due by the State, as stated by Gen. Griffith
In this table, also, l have deducted from
the payments made by the State, such
4 l.
further endowments.r The result is
that after deducting S129, ,401.25, for these
endowments, the debt and all interest has
been fully paid, with excess of payment
over debt of $S77, 1852.
| This / regard as a true and legal state
ment of the accounts between the State and
the University.
But as it is insisted that the State ough
| to be charged with the whole amount Of
rents and sales, though about two-thirds oi
them we're never collected by her. 1 have
prepared table 4, to show the account OF
that basis with per cent. interest L
| will be remembered that in 1889 the State
borrowed $5,000,O00 at per cent. interest
| and that prior thereto-about the year 1873!
the State borrowed 100000 for ths
Planters Bank at per cent. interest
These rates are as high as any government
ever pays, except those in the most des
perate circumstances. In framing thi:
table. it was found that the payments by
the State about equaled the total interest
accumulated on February 1st, 1868. fron
that time on, interest was calculated for {
year on the principal, and then principa
and interest added together and di
minished by the payments made, anc
the balance was new principal OF
which interest was calculated as be
fore. And in this way, it was found
that the principal and interest, the Who'll,
debt, was extinguished on January Ist
1879, with a surplus of $13,53666 over
Add to this surplus the receipts of ths
University for 1879 to 1887, both inclusive
and We have over-payment to the Univer
sity. even on this illegal and unjust basis
Iof S307, 7,042.42- Five per cent. simpl.
interest is what the State pays on the A.
NJ. College Fund; and the State of Louis
lana pays per cent only on her Seminar,
Fund, which amounts to $4,000.
Table 5, is constructed on the same basi
as table 4, but the interest allowed aQains
the State is per cent. instead of 8. Ii
this calculation the payments extinguishe.
the accumulated interest and a little over
on January Ist, 1878. and there was over
payment of the whole debt on January Is,
} 1884, of S24,0l3.6l; and on January la,
1888, the over-payment will amount /.
$146, ,424.S6.
1t will be said that these two tables nm;
the compound interest accruinv betuee,
1913 aud ls4s. and also the further epdou
ments. lansver: First-If this compoun